Transcription of WASHINGTON STATE HOUSING FINANCE COMMISSION …
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WASHINGTON STATE HOUSING FINANCE COMMISSION …
Rev. January 2018 1 - 27 WASHINGTON STATE HOUSING FINANCE COMMISSION TAX CREDIT compliance FREQUENTLY ASKED QUESTIONS Revised January 2018 These FAQs are based on WSHFC staff interpretations or understanding of IRS rules and guidance for the LIHTC program. Ultimately, Owners are responsible for making sure their properties are in compliance with all applicable rules and regulations. Owners and managers should consult their tax credit legal counsel for further clarification or specific application to their properties. CERTIFICATIONS & LEASING Overcharging Rent Q: What happens if I accidentally overcharge a resident on their rent? A: If a resident s gross rent (utilities + fees + rent) exceeds the federal ( , 50% or 60%) tax credit maximum rent limit for any month during the reporting year, WSHFC is obligated to issue Form 8823 to the IRS for owner noncompliance.
www.wshfc.org/managers/faqcompliance_taxcredit.htm Rev. September 2018 1 - 29 WASHINGTON STATE HOUSING FINANCE COMMISSION TAX CREDIT COMPLIANCE …
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